PSD2 – chance or necessity?

26 Apr 2018

PSD2 – chance or necessity?

Since 13 January 2018, the revised Payment Services Directive 2 (PSD2) has been in force. It requires banks, among other things, to give third-party financial service providers access to their customers' account data – subject to prior customer approval.

At the seventh Rooftop Talks in Deutsche Börse FinTech Hub on 25 April 2018, Benjamin Michel (Finanzguru by dwins GmbH), Julian Schönbeck (Deutsche Bank API Program) and Thorsten Bambey (Sparkassen Innovation Hub) discussed with Michael Duttlinger (Cashlink Payments GmbH) together with more than 60 visitors (start-ups, investors and corporates including other banks) the advantages and disadvantages of the regulation for start-ups and banks.

Both start-ups and banks identified instant payment, SEPA or the verification of creditworthiness or age as clear advantages. Another key topic was customer trust in third-party financial services providers. Previously, this had been a monopoly of banks, but once the users would have had a good experience with the new offers, they would place the same trust in them and benefit from the advantages.

In addition, the handling of customer data is also for fintechs strictly regulated. “In the end, it is always the user who decides about his data,” emphasised moderator Michael Duttlinger. 

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